The report, released on Feb. 15, increased projected maize production by 4 million tonnes to a record 1.234 billion tonnes, which would be a 6.1% increase over 2022-23 output.
Maize consumption was also revised upward by the IGC to a record 1.222 billion tonnes, up 47 million tonnes from the previous year. Carryover stocks are seen rising to 288 million tonnes, a nearly 5% increase from 2022-23.
Meanwhile, global wheat output for 2023-24 is seen at 788 million tonnes, unchanged from the previous forecast and down nearly 2% from last year.
The IGC’s wheat consumption projection was virtually unchanged from the previous month at 803 million tonnes, which would be a record. Wheat carryover stocks for this year were revised lower to 265 million tonnes, which would be the lowest level in five years.
Led by a rebound in production in Argentina, 2023-24 global soybean output is pegged at a record 391 million tonnes by the IGC, virtually unchanged from the previous month.
The IGC Grains and Oilseeds Price Index dropped 7% from January to its lowest level since October 2020. The price index is 26% lower than at this time last year. The price index for maize is 38% lower than in February 2023, while soybeans and wheat are down 29% and 26%, respectively, year on year.
The outlier in the price index is rice, which is up 32% from the previous year and virtually unchanged from the January report.